Digital River, Inc., a leading global provider of Commerce-as-a-Service solutions, announced that it is processing online payments for peerTransfer, a leading provider of global payment solutions for foreign students and educational institutions. peerTransfer is using the Digital River World Payments solution to facilitate student tuition payments made via credit card in 59 currencies across North America, Asia Pacific, Europe and parts of Africa.
“peerTransfer is delighted to add Digital River to our suite of existing payment providers,” explained Mike Massaro, peerTransfer’s chief executive officer. “Digital River allows us to lower transactional costs in key regions and countries while enabling us to increase the number of currencies in which we settle. The company’s extensive global footprint and ability to support us as we scale our business will help expand our solution set to students in every corner of the globe. Digital River and peerTransfer are committed to streamlining the cross-border payment experience and putting customers first.”
peerTransfer’s global payments platform offers international students from more than 200 countries and territories an easy-to-use, cost-effective way to pay their tuition, room and board at 650 colleges and universities located primarily in the U.S., Canada, U.K. and Australia. Students and their families can send funds from their home country in the local currency using their payment method of choice. peerTransfer’s cloud-based infrastructure and growing payment volumes enable it to provide discounted currency conversion rates that can result in significant savings when compared to rates offered by banks in students’ home countries. An easy-to-use dashboard and 24/7 servicing allow both students and educational institutions to monitor payments and simplify reconciliations.
“peerTransfer is committed to providing the best online tuition payment experience for educational institutions and the students and families they serve,” said Souheil Badran, senior vice president and general manager for Digital River World Payments. “We can help peerTransfer provide a secure and convenient way for schools to accept payments from payers throughout the world, enabling them to transact in their domestic currencies. With one of the industry’s largest acquiring networks, Digital River offers a truly localized payment experience.”
Through Digital River World Payments, Digital River provides online merchants more than 200 international and local payment options, and over 170 transaction and display currencies. In 2014, the company processed more than $35 billion in online transactions.